Philippines – SEC Cross-Shareholding Structure

Philippines – SEC Cross-Shareholding Structure

On 23 March 2021, PHI SEC proposed cross-shareholding structure.

  • SEC proposed circular on cross-shareholding structure for publicly-listed companies.


  • A subsidiary is prohibited from acquiring the shares of its parent company, except for shares without voting rights, which shall not exceed 10% of that class of shares.
  • If this 10% limit is currently exceeded, the parent company shall convert the subject shares into non-voting shares within 12 months from the effectivity of this circular.


  • Comments should be submitted on or before 2 April 2021.